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The Motley Fool Australia

Dexus agrees to sell 50% stake in 480 Queen Street for A$657.3 million

AI Market Summary
Dexus agreed to sell its 50% stake in 480 Queen Street for A$657.3m net, about 4% below prior book value but in line with the latest independent valuation. The transaction releases ~A$329m of proceeds (partly deferred with a 6% coupon) and modestly lowers gearing, supporting capital recycling. However, the discount to book and reliance on asset sales can renew scrutiny on earnings durability in office REITs.
Impact level
● Low
Affected assets
NCCOGOLD2USD/USDT+0.85%
AI Insight · NCCOGOLD2USD/USDTAI Insight
● Neutral
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Dexus (ASX: DXS) said it has agreed to sell its 50% interest in 480 Queen Street in Brisbane for a net price of A$657.3 million, about 4% below the property’s 31 December 2025 book value. The total gross sale price is A$700 million, and the price matches the latest independent valuation as at 30 June 2026. Dexus expects net proceeds of about A$329 million, with most payable at settlement in December 2026 and the balance deferred to June 2028 with a 6% coupon. The transaction is expected to lower Dexus’s pro forma lookthrough gearing by about 1 percentage point.
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